Nevada’s Robo Signing Law Will NOT Get Repealed
Well, at least we have some certainty. Nevada Attorney General Catherine Cortez Masto told a Las Vegas real estate group on July 11 she has no regrets about penning and passing AB 284, AKA Nevada’s robo signing law, even though the unk unk was that it brought foreclosures in the state to a virtual standstill. (Mortgage bankers decided they don’t look good in orange jumpsuits. That’s why.)
She maintains repealing the law will bring back robo signing. I have to agree here.
Short sales are the only way to go. I agree here, too. However, my short sales have taken as long as nine months. The banks I have dealt with are sloppy, the employees are surly, and the sellers are in denial. But at least the deals are closing.
My take on the situation:
1. Be patient because you will get to buy your house eventually. Start early if you have a drop dead move in date.
2. The banks will have to become better at short sales.
3. At least we know the market will remain the same instead of change radically after the next legislature. We might not like the certainty. But certainty it is. And that leads to stability in a crazy world.
My 2 cents.
((hugs)) from your Las Vegas Real Estate Concierge
Managing Broker, Nevada